Who is this page for? 

This page is for serving members of the Australian Army, Navy or Air Force, whether on active service overseas or not, looking to purchase their first home. Often our clients are those that are looking to buy with minimum savings taking advantage of the various government and Australian Defence Force benefits such as the First Home Owners Grant ('FHOG') and the Home Purchase Assistance Scheme ('HPAS'). Others have just returned from an overseas deployment with substantial savings and require assistance finding the best loan available for them. Many have already been declined by DefCredit or ADCU for not having 5% genuine savings. 

What Government Assistance is available?

Serving members of the ADF purchasing their first home to live in may be entitled to the following assistance (last updated 02/02/2011):

HPAS: Once off payment before tax of $16,949*

FHOG: $7000

Stamp Duty Concessions which will vary from state to state.

      * Depending on your taxable income, the combination of HPAS after tax and FHOG will give you a deposit of approximately  $19,000 - $20,000. 

How much deposit will I need?

A 5% deposit plus purchasing costs like stamp duty and legals is the minimum deposit requirement for all home loans in Australia unless you have a guarantor. In Queensland and NSW this means that without recourse to any of your own funds, you could purchase a property for up to $340,000 just by using the government benefits identified above. 

Is HPAS paid prior to settlement?

Yes. There is often confusion here but the HPAS is available before settlement providing your application is submitted with sufficient time time to be approved and paid with next pay cycle. If the purchase does not proceed, the HPAS payment must be repaid. 

What products and features are available?

A full range of products are available including Professional packages, fixed rates, basic variable and features such as an offset account and redraw. 

Is the interest rate higher?

No, you are not paying a higher interest rate because you do not have 5% genuine savings. In fact, the interest rate is cheaper than both ADCU and DefCredit (last updated 02/02/2011). 

Is DHOAS available with this Home Loan?

No. If you have been a serving member of the ADF for 4 years and have 5% genuine savings then DHOAS may be available to you. DHOAS provides you with a discounted interest rate subsidized by the Australian Government and is not available in conjunction with this home loan. 

Need the help of a Mortgage Broker?

Did you know we offer a free service to you. There is no loading of the interest rate or higher fees whatsoever to use our services. We take care of all the running around for you with the banks and sort out the processing of the first home owners grant to make your life easy. If you would like some help with your home loan please contact us now for a no obligation consulation.